Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Ashland Mixed-Use Income Property Title is generated by Realmo AI

    121 16th St, Ashland, KY 41101

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Large income-producing property in the heart of downtown Ashland.

    Type:Mixed Use, Retail
    Property size:
    10,000 SF
    Price / SF:
    $86/SF
    Added:
    Sep 5, 2023
    Days on Market:
    1002
    Last Refresh:
    May 12 at 10:53 pm

    Property Features for 121 16th St

    General Information

    Standard status
    Active
    Size
    10,000 SF
    Property subtype
    Mixed Use, Retail

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Paul Castle

    Listing agent Paul Castle License #KY 272145

    Listing office Memmer Realty

    Listing date Sep 5, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Memmer Realty

    HighLights

    • Large income‑producing property in the heart of downtown Ashland's Business District
    • Immediate income from six current tenants
    • High CAP rate of 8%-9%
    • Potential for renovation and development into loft apartments or commercial spaces
    • Located one block from the Delta Hotel
    • Multiple updates and renovations within the last few years

    Overview

    This large income-producing property is located in the heart of the downtown Ashland Business District, one block from the Delta Hotel. The property encompasses almost the entire half block between 16th and 15th Street, situated between Greenup Ave and the flood-wall. Six current tenants provide immediate income. Opportunities exist to renovate and develop the property further into loft apartments, commercial spaces, or other income-producing projects. Multiple updates and renovations have been made to this property within the last few years. The property offers potential for various business uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Correct Construction Inc Construction Company Thrive Ministries Church Brittany Hall Beauty Cosmetic Store Sculpt The Collective Spa & Massage Center Heather Lynn Photography (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Building Supply Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Boyd
    State
    Kentucky
    Longitude
    -82.6384987
    Latitude
    38.4802855

    Nearby Similar for Sale

    • $549,900
      5,540 SF

      High-Visibility Commercial Building on US Route 60

      Standalone commercial building with drive-thru, high traffic, and ample parking.
      5942 US Route 60, Ashland, KY 41102
      View Details
    • $999,900
      6,980 SF

      Downtown Ashland Commercial Building For Sale

      Free-standing brick building with over 5,000 sq ft and parking.
      1901 Winchester Avenue, Ashland, KY 41101
      View Details
    • $599,000
      62,276 SF

      Commercial Property in Downtown Ashland

      Versatile commercial property in downtown Ashland, Kentucky, for sale.
      226 17th Street, Ashland, KY 41101
      View Details
    • $750,000

      Commercial Property in Downtown Ashland

      Versatile commercial property near key transportation routes in downtown Ashland.
      226 17th Street, Ashland, KY 41101
      View Details
    • $1,100,000
      5,164 SF

      Ashland Office Building For Sale

      Commercial office building in Ashland, Kentucky, with leasing potential.
      1901 Winchester Avenue, Ashland, KY 41101
      View Details
    • $299,000

      Versatile Commercial Building in Ashland

      Move-in-ready building in high-traffic retail hub with ample parking.
      1324 Cannonsburg Road, Ashland, KY 41102
      View Details
    • $125,000

      Ashland Trailer Park Investment Opportunity

      Four-unit trailer park in Ashland, KY, generating monthly income.
      2220 Cannonsburg Road, Ashland, KY 41102
      View Details
    • $129,900
      1,632 SF

      Turnkey Duplex in Ashland, KY

      Two-unit duplex with income potential in established neighborhood.
      341 31st Street, Ashland, KY 41101
      View Details
    • $219,900
      2,758 SF

      Ashland Commercial Building For Sale

      Two-story commercial building with recent updates, suitable for various business uses.
      1824 Carter Ave., Ashland, KY 41101
      View Details
    • $297,000
      1,836 SF

      Versatile Commercial Property with Offices

      Well-maintained office space with flexible layout and ample parking.
      1324 CANNONSBURG RD, ASHLAND, KY
      View Details
    • $1,870,848
      3,520 SF

      Dairy Queen Investment Opportunity

      Long-term Dairy Queen lease with attractive rent increases.
      3300 13th St, Ashland, KY 41102
      View Details
    • $1,700,000
      25,000 SF

      Industrial Warehouse For Sale

      25,000 SqFt industrial property with 8.53% CAP rate.
      360 S Big Run Rd, Ashland, KY 41102
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Large income-producing property in the heart of downtown Ashland.
    Where is this mixed-use property located?
    The property is located at 121 16th St Ashland, KY.
    What is the asking price?
    The asking price for this property is $869,900.
    What are key features of this property?
    This property features: Large income‑producing property in the heart of downtown Ashland's Business District; Immediate income from six current tenants; High CAP rate of 8%-9%
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Paul Castle
    Real Estate License ID: KY 272145
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    121 16th St, Ashland, KY 41101
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!